Did you know that financial technology, more commonly known as fintech, could save you thousands of pounds a year and could be the best solution for SMEs?

Businesses in the UK have begun adopting new fintech products and services. Around 65% of businesses have already embraced this new technology and are said to be saving on average around £4.6 billion every year as a collective.

Businesses are always looking for new and easier ways to handle areas of their company on their own, without bringing in external people or departments. So, it’s not surprising that fintech has become so popular in such a short space of time.

According to digital news website Netimperative, the UK statistics following the use of fintech are:

77% of businesses are aware of fintech

65% have adopted at least one fintech application

19% have taken on at least four applications

These businesses have reported saving around £5,500 a year

23% use fintech for banking transactions

11% are using bitcoins or other cryptocurrencies

only 2% use insurance technology or insurtech services

This type of technology has peaked within the last five years and has become hugely popular with start-up businesses and existing businesses purely wanting to drop the traditional financial methods.

The highest yearly figure in fintech was £983 million back in 2015. Although, the rise in investment towards fintech since then is the reason behind the sharp rise in popularity. 2017 has already seen £825 million invested in to UK fintech companies to date and is said to now become a record year for investments.

The fintech community has seen notable suppliers begin to trademark their slogans to protect their brand. This is due to fears that Brexit would severely harm the finance industry and has ultimately pushed several leading brands to protect their status.

London is the fourth most successful city for fintech applications, behind San Francisco, Beijing and New York. It has been predicted that London will remain to be a leading fintech city for years to come as the industry has been built on such strong foundations.

What are your thoughts on fintech? Have you considered using it for your own business? Let us know on Twitter @SCSTechnology.